Company Law: No Conflict Rule

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Company Law: No Conflict Rule

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Company Law: No Conflict Rule

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Question:
Discuss about the Company Law for No Conflict Rule.

Answer:

“No conflict” rule states that the fiduciary must not bring his or her interest into conflict with the interests of the client (Bowen, 2010). The universal application of the rule is that no one, having responsibilities to discharge, shall be allowed to participate in an engagement in which he has a personal interest conflicting the interests of those he is supposed to protect. About this law, it is evident that Barry Badler did not violate “no conflict” rule. It is because he supported the bid by the Medicall Lodges without having knowledge that his wife had invested in it. Therefore, he did not break any rule by recommending Medicall Lodge, which in this case worn the tender.
On the other, his actions in October show that he breached “no conflict” rule. It is so because he had personal interest by putting pressure on the company to appoint his wife to be one of the board directors. The law states that a fiduciary must not be in a position where his interests may come into conflict with the benefit of his principle (Criddle, 2017). But it is clear that Barry Badler is putting pressure on his colleagues to support his family member, in this case, his wife. His reason may be that if his wife becomes one of the board directors, she might favor his interests. On the other hand, he is the director of MediCall lodges, and the law says that a director as a fiduciary of the company must not to enter into engagement in which he has self-interest which conflicts the interest of the company and does not acquire interest for himself using doing company’s business. The consequence of the breach is that the fiduciary must account for the gain made by him by such breach.

References
Bowen, A. (2010). Director’s Duties of “No Conflict” and “No Profit” Re Allied Business and Financial Consultants Ltd [2009] 2 B .C .L .C . 666, (105), 1-4. Retrieved from https://www.terrafirmachambers.com/articles/DirectorsDutiesofNoConflictandNoProfit.pdf
Criddle, E. J. (2017). Liberty in Loyalty: A Republican Theory of Fiduciary Law. Texas Law Review, 95(5), 993-1060.

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